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02.06.2022 10:30 AM
Tips for beginner traders in EUR/USD and GBP/USD on June 2, 2022

Details of the economic calendar from June 1

The final data on business indices in the manufacturing sector of Europe, Britain, and the United States were published. The indicators coincided with the preliminary assessment, so there was no reaction in the market.

The most interesting indicator of the past day is the unemployment rate in Europe. Initially, it was predicted to decline from 6.8% to 6.7%, but at the last moment, the forecast was revised, leaving unemployment in the EU at the same level of 6.8%.

Analysis of trading charts from June 1

The EURUSD currency pair accelerated its decline, as a result of which the euro fell towards the level of 1.0636. This movement indicates the completion of a corrective move, where a phased process of restoration of dollar positions may soon take place.

The GBPUSD currency pair, after a short stagnation at the peak of the correction, changed trading interest. This is indicated by a number of technical signals: a breakdown of the short-term flat along a downward trajectory and holding the price below the level of 1.2500.

During the corrective move, the pound strengthened by 500 points, about 4%. This movement fits into the clock component of the downward trend.

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Economic calendar for June 2

Today is a holiday in the UK, but this will not cause a decrease in volatility in financial markets. The focus will be on the ADP report on employment in the United States, which is predicted to grow by 295,000 in May. This is a positive signal for the labor market if the data is confirmed.

Almost simultaneously with the report, ADP will publish weekly data on jobless claims in the US, where they predict a reduction in their volume. This is a positive factor for the US labor market.

Statistics details:

The volume of continuing claims for benefits may be reduced from 1.346 million to 1.308 million.

The volume of initial claims for benefits may remain at the level of 210,000.

Time targeting

ADP report - 12:15 UTC

US Jobless Claims - 12:30 UTC

Trading plan for EUR/USD on June 2

In order to confirm the signal to sell the euro, the quote needs to stay below the level of 1.0636 for at least a four-hour period. In this case, traders will have high chances of moving towards the values of 1.0570–1.0500.

Otherwise, the market may experience another stagnation with a local pullback relative to the pivot point.

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Trading plan for GBP/USD on June 2

A stable holding of the price below the level of 1.2500 may lead to a subsequent decline towards the value of 1.2350. This move will indicate a gradual process of recovery of dollar positions relative to the recent correction.

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What is reflected in the trading charts?

A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.

Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.

Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.

The up/down arrows are the reference points of the possible price direction in the future.

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2024
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